FN REPUBLIC Co., Ltd announced that it expects to receive KRW 6 billion in funding
July 14, 2021
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FN REPUBLIC Co., Ltd announced that it will issue series 21 bearer type non-guarantee private equity convertible bond for gross proceeds of KRW 6,000,000,000 on July 14, 2021. The bonds will be issued at par. The transaction will include participation from Sofia No. 1 Association and Seung-geunfor Yang for KRW 3,000,000,000 each. The bonds will bear an interest at the rate of 2% per annum and will mature on July 21, 2024. The bonds are fully convertible into 1,864,512 common shares at a fixed conversion price of KRW 3,218 per share from July 21, 2022 to June 20, 2024. The date of subscription and expected date of payment is July 21, 2021. The transaction is approved by the board of directors of the company. All securities issued will be subject to a hold period of one year.
Westrise Co Ltd, formerly FN Republic Co Ltd, is a Korea-based company mainly engaged in general product wholesale business. As a fashion and beauty brand distribution and marketing platform company, the Company is engaged in overseas clothing distribution and marketing business focusing on fashion clothing and miscellaneous goods. The Company is engaged in the wholesale and retail of cosmetics. The company mainly operates its business in China.